2023 Apr Mexico Global Trade Data Summary: Export Dip & Import Decline

Mexico 2023 Apr Trade Data Key Takeaways

• Market Trend: Mexico trade data shows a 2.9% export dip and 3.3% import decline, signaling synchronized supply chain adjustments.
• Key Driver: Mexico import export data reveals U.S. dominates 79.85% of exports, while imports diversify with China (18.71%) and others.
• Strategic Risk: Over-reliance on U.S. demand and imported components exposes Mexico to upstream supply shocks.

Analysis covers 2023 Apr based on sanitized customs records from the yTrade database.

Mexico 2023 Apr Trade Data Trend Overview

• Mexico's export-driven manufacturing economy showed resilience in April 2023, with its global trade data reflecting a period of strategic consolidation amid shifting North American supply chain dynamics.
• The Mexico import export data for April 2023 recorded $46.22 billion in outbound shipments, a 2.9% contraction year-on-year, while imports totaled $47.73 billion, declining 3.3% over the same period.
• This resulted in a modest trade deficit of $1.51 billion, narrowing slightly from year-earlier levels as both export and import flows moderated in near lockstep.
• The synchronized slowdown in trade flows points to inventory adjustments and supply chain normalization following post-pandemic volatility, with manufacturing sectors pausing after a period of robust expansion.

Table: Import Key Metrics (Source: yTrade)

Table: Export Key Metrics (Source: yTrade)

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Mexico 2023 Apr Top Trading Products

Mexico Global Trade Core Summary

Mexico's trade is heavily driven by manufacturing, with vehicles (HS 87), machinery (HS 84), and electrical equipment (HS 85) making up over 50% of exports. These sectors show strong industrial capacity, while smaller shares come from minerals (HS 27) and agriculture (HS 07, 08, 22). Imports are similarly dominated by electrical machinery (HS 85) and industrial equipment (HS 84), suggesting a reliance on components for assembly or further processing. Key takeaways:

• Manufacturing exports (vehicles, machinery, electronics) are the backbone of trade.
• High import dependence for electrical and mechanical parts indicates assembly-based production.
• Limited raw material exports (fuels, agriculture) point to a value-added export model.

Mexico Export-Import Structural Gap

Mexico exports and imports overlap in machinery (HS 84, 85) and vehicles (HS 87), signaling a processing trade pattern—likely importing parts for assembly and re-export. The country imports more electrical goods (20.4% vs. 16.2% in exports) and fuels (7.3% vs. 5.5% in exports), while exporting more finished vehicles (19% vs. 8.6% in imports). This suggests Mexico adds value in automotive and industrial production but relies on foreign inputs. The trade gap highlights opportunities to deepen local supply chains for critical components.

Table: Mexico Top Import & Export Product Categories (Source: yTrade)

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Mexico 2023 Apr Top Trading Countries

Mexico Global Trade Key Patterns

Mexico's exports are heavily concentrated in the United States, which accounts for 79.85% ($36.91B) of total exports. The remaining top destinations—Canada (2.59%), Mainland China (1.63%), and Germany (1.31%)—are far less significant, indicating low diversification. Imports show more balance, with the U.S. (42.36%, $20.22B) and Mainland China (18.71%, $8.93B) as primary suppliers, followed by Germany, Japan, and South Korea (each 3–4%). Key asymmetries include:

• Exports are U.S.-dominant, with minimal global reach.
• Imports are more diversified, though still reliant on the U.S. and China.
• No major overlap between top export and import partners beyond the U.S.

Mexico Export–Import Geographic Gap

Mexico’s trade flows reveal a stark contrast: exports depend almost entirely on one market (the U.S.), while imports draw from a broader, though still U.S.-centric, supplier base. This suggests downstream vulnerability (over-reliance on U.S. demand) and moderate upstream diversification (multiple import sources). The absence of overlapping partners beyond the U.S. and China hints at limited processing trade. The structure points to a lopsided trade geography—exports are hyper-concentrated, while imports are moderately diversified.

Table: Mexico Top Destiantion & Origin Countries (Source: yTrade)

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Frequently Asked Questions

What are the major products exported by Mexico in 2023 Apr?

Mexico's top exports in April 2023 included vehicles (HS Code 87, $8.78B, 18.99%), machinery (HS Code 84, $7.95B, 17.20%), and electrical equipment (HS Code 85, $7.48B, 16.18%), based on the trade data.

What are the main products Mexico imports in 2023 Apr?

Mexico's primary imports were electrical machinery (HS Code 85, $9.75B, 20.42%), unspecified goods (HS Code 99, $7.56B, 15.84%), and nuclear/reactor machinery (HS Code 84, $6.88B, 14.42%) in April 2023.

Which countries are the top destinations for Mexico's exports in 2023 Apr?

The United States was Mexico's largest export market ($20.22B, 42.36%), followed by Mainland China ($8.93B, 18.71%) and Germany ($1.73B, 3.63%) in April 2023.

Which countries supply most of Mexico's imports in 2023 Apr?

The United States dominated Mexico's imports ($36.91B, 79.85%), with Canada ($1.20B, 2.59%) and Mainland China ($751.13M, 1.63%) as secondary suppliers in April 2023.

How balanced are Mexico's export and import markets in 2023 Apr?

Mexico recorded a modest trade deficit of $1.51B in April 2023, with exports ($46.22B) and imports ($47.73B) contracting by 2.9% and 3.3% year-on-year, respectively, reflecting synchronized moderation in trade flows.